The United States Department of Labor Employee Benefits Security Administration released Field Assistance Bulletin 2014-01 on August 14. The Bulletin, which replaces Field Assistance Bulletin 2004-02, identifies options fiduciaries of terminated defined contribution plans may use to locate missing participants and distribute their account balances.

Once a plan has been terminated, the plan administrator is responsible for distributing all of the plan’s assets as soon as administratively feasible. The plan administrator must contact all of the plan’s participants and, if a participant fails to respond, the plan administrator has a fiduciary obligation to locate the missing participant and distribute their benefits. Search steps include using certified mail, checking related plan and employer records, contacting the designated beneficiary, and using Internet search engines.

If the search for a missing participant is unsuccessful, the plan administrator may then select an alternative distribution option, which includes individual retirement plan rollovers, federally insured bank accounts, and state unclaimed property funds.

For more information, visit www.dol.gov/ebsa/regs/fab2014-1.html.